TSB Classic Plus Account Interest

LauraBubbles1995

I opened a TSB Classic Plus Account on 16th Feb. I now have £800 in there but I didn't deposit it as a lump sum. I changed the preferences to paperless statements and correspondence and I opened the account online. I didn't receive any interest today, did I miss something?


Any help appreciated

masonic

Hi Ryan

masonic

OP, interest is paid on the first working day of the month.

MarkFromCornwall

LauraBubbles1995 wrote: »

I didn't receive any interest today, did I miss something?


Any help appreciated

Today isn't a working day. TSB don't credit interest until the first working day of the month, usually at the end of the day, so expect it to show up on Tuesday but with Monday's date.

LauraBubbles1995

Thank you

MARTYM8`

Clearly TSB staff don't work at weekends.:D

I get my Nationwide and Clydesdale interest before midnight on the last day of the month (e,g. last night for February) - but my TSB interest won't go in until tomorrow night (first working day of next month).

Why they can't automate it is beyond me? Not a major issue - but it can cause confusion.

Eco_Miser

Clydesdale pay interest on, and calculate it up to, the last working day of the month, TSB on the first working day of the following month; both at the end of the day, so most people won't see it until the following day.

When there's a weekend at month end, this exaggerates the difference. Both banks are fully automated, just use different periods for their calculations and payments.

colsten

MARTYM8` wrote: »

Why they can't automate it is beyond me? Not a major issue - but it can cause confusion.

I am greatful that not all banks do everything the same way.

jimjames

MARTYM8` wrote: »

Why they can't automate it is beyond me? Not a major issue - but it can cause confusion.

I assume it is automated. Do you think a member of staff manually inputs each interest payment?

If a month end happens at a weekend you can understand why they may need to get any transactions that may have occurred to be reconciled before interest is applied.

joeblags

still no interest on both on my accounts with 2k in each.

bsms1147

joeblags wrote: »

still no interest on both on my accounts with 2k in each.

It will show tomorrow, dated today.